3Seventy Announces $2 Million Expansion Capital Investment
Award winning mobile CRM company experiences exponential growth of both team and products
August 9, 2011
3Seventy, a leading mobile engagement and services company, announced today that Mark Jennings, Founder and Managing Partner of Generation Partners, has made a significant personal investment in the company and will join 3Seventy’s Board of Directors.
“We are excited to announce this funding and are thrilled with this year’s lineup of new products and partners. It’s a very exciting time for the company and our employees and customers. We are delighted to have Mark join our board and look forward to tapping his extensive expertise to help execute our aggressive growth plans,” said Carrie Chitsey, Founder and CEO of 3Seventy.
“3Seventy delivers SaaS-based [software as a service] mobile marketing solutions that generate a clear ROI for clients through a rare combination of best-in-class mobile technology and an outstanding management team,” said Jennings. He added “I am pleased to have been selected as 3Seventy’s investor and believe their mobile web technology, text marketing solutions, instant mobile coupons and detailed reporting interfaces are the perfect solution for businesses which must adapt to the profound changes in consumer behavior driven by the rapid penetration of smart mobile devices. “
Jennings is a 25-year veteran private equity investor who specializes in high-growth service businesses and has served on the board of 23 companies. Notable companies he has invested in include: Broadcast.com, Johnny Rockets, Six Flags, thePlatform for Media, Sterling Infosystems, Muzak, Snyder Communications, Hotjobs.com, United Retail Group, inVentiv Health, Demand Media, iCrossing, Virtual Radiologic, MedVance Institute, Post Education, and Scientific Games. Mr. Jennings holds an M.B.A. from the Harvard Graduate School of Business and a B.S. in Mechanical Engineering from The University of Texas at Austin.
3Seventy will utilize the $2 million investment to expand the company’s staff and release new products. The company’s expansion will include hiring 30-40 new positions over the next twelve months in both the new downtown Austin headquarters as well as the company’s office in Europe. The team is preparing for a new product launch in October.